特朗普的"一项漂亮法案"将助力科技巨头现金盛宴与AI主导地位：摩根士丹利

英为财情

2025/07/26

Investing.com - 特朗普总统的"一项漂亮法案"虽被宣传为改变美国未来的游戏规则，但摩根士丹利分析师认为，其真正影响是为科技巨头带来意外之财——为AI领域的最大玩家提供强大的现金支持，帮助他们主导AI的未来。该法案核心的全面税收改革将大幅提升美国科技巨头的自由现金流，亚马逊(NASDAQ:AMZN)、Meta Platforms Inc (NASDAQ:META)和谷歌A(...

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特朗普总统的\"一项漂亮法案\"虽被宣传为改变美国未来的游戏规则，但摩根士丹利分析师认为，其真正影响是为科技巨头带来意外之财——为AI领域的最大玩家提供强大的现金支持，帮助他们主导AI的未来。\n该法案核心的全面税收改革将大幅提升美国科技巨头的自由现金流，亚马逊(NASDAQ:AMZN)、Meta Platforms Inc (NASDAQ:META)和谷歌A(NASDAQ:GOOGL)将在短期内获得最大收益。\n\"我们预计到2026年，亚马逊、Meta和谷歌的自由现金流将分别提升约30%/22%/5%，这将使这些公司在生成式AI领域继续深化竞争优势，并为投资者提供更多近期自由现金流的灵活性，\"分析师表示。\n亚马逊：最大赢家\n亚马逊有望成为最大受益者，预计到2026年，该法案将使其年度自由现金流提升约30%，即约150亿美元，这主要得益于其在数据中心、物流和研发方面的大规模资本支出。\"我们并不一定期望亚马逊让所有收益都直接流入，我们认为这更可能给亚马逊提供更多灵活性，继续投资并深化其在零售领域（机器人、杂货、物流、当日配送、农村等）和AWS（GPU和其他芯片、电力、基础设施）的竞争壁垒和生成式AI产品...同时也为投资者提供更多近期自由现金流，\"分析师补充道。\nMeta和谷歌：AI基础设施军备竞赛\nMeta紧随其后，预计到2028年将获得80亿至100亿美元的助力，相当于法案前自由现金流的22%增长。但与亚马逊一样，摩根士丹利表示，Meta可能会将这笔现金收益的大部分用于资助其基础设施需求，加速投资于多吉瓦级AI集群和Nvidia(NASDAQ:NVDA)GPU，以支持下一波商业信息、广告定位和生成式AI产品。\n对于谷歌而言，其即时收益更大——2025年将获得250亿美元的自由现金流，这得益于其大量研发递延税资产和现金税收状况。摩根士丹利预计，这一提振在随后几年将趋于温和，持续带来每年40亿至60亿美元的收益。\n股东预计不会从这次自由现金流注入中获得显著收益，因为这些资金很可能会用于AI基础设施和产品开发的积极投资。\n\"我们不期望[这些公司]让所有自由现金流收益都直接流入，我们认为这些增量现金流将为继续投资并深化[它们的]竞争壁垒和生成式AI产品提供额外灵活性，\"分析师表示。\n本文由人工智能协助翻译。更多信息，请参见我们的使用条款。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}